Scottish entrepreneur Ray Entwhistle is close to seeking a regulatory approval to set up a new private bank as the financial services regulator Prudential Regulation Authority (PRA) liberalized capital conditions for entry.

Entwhistle, who founded Scoban in 2010 to provide private banking services, has submitted an application in September, reported PRA may allow Entwhistle to sell Scoban’s naming rights.

Scoban, which attracted 120 private investors in recent times, is planning to open new offices in London and Edinburgh.

Graeme Hartop, former managing director of Scottish Widows, and Jeremy Fraser, former legal and compliance director of ING are board members of Scobans.

Entwhistle was quoted by as saying, "The process can still take six months from submission and longer if there are any contentious issues."

The company has undergone extensive testing of its banking platform and plans to open offices in London and Edinburgh.